Monday, June 29, 2009

Redfin's Kelman: Real Estate Market Not A Free Market Anymore

Seattle-based Redfin's Glenn Kelman--no stranger to stirring up controversy in the real estate market--claims that the real estate market "has become distorted" and is no longer a free market. Writing in the firm's corporate blog today, Kelman said that he believes that the market is now being "controlled by the government and the banks to limit price drops." Kelman said that banks are withholding home inventory; real estate agents are hoarding listings; and banks are refusing to accept a "fair price" for homes on the market, all of which are causing the real estate market to not operate properly.